4Q23 Miami OFF Statistics

MIAMI OFFICE MARKET Q4 2023

YTD

YTD

Y-o-Y Quarter

Y-o-Y Direct

Overall

Y-o-Y

YTD

Direct Vacant Space

Sublease

% Overall Net Overall Net Construction

Under

Vacant

Direct

Overall

% PT.

Wtd. Avg.

Wtd. Avg.

% Leasing

Number

Buildings Inventory

Space Vacancy Rate Vacancy Rate Change Rental Rates Rental Rates Change Activity

Change Absorption Absorption Completions Construction

MIAMI-DADE OVERALL Brickell Avenue

21 6,351,603 476,603 13,382 15 6,131,452 1,089,155 18,686 36 12,483,055 1,565,758 32,068 255 26,945,265 4,216,457 94,008 41 5,861,934 912,806 20,170 75 9,660,892 2,041,101 46,585

7.5% 7.7% 1.8 17.8% 18.1% -4.2 12.5% 12.8% -1.4 15.6% 16.0% -0.4 15.6% 15.9% 0.7 21.1% 21.6% 0.6 1.8% 1.8% -3.8 10.5% 10.7% -2.0 4.5% 4.8% 0.3 19.0% 19.7% -5.0 14.7% 14.9% 0.0 4.0% 4.0% -2.1 5.8% 5.8% -2.7 13.7% 13.7% -1.3 14.7% 15.0% -0.7 5.3% 5.5% -0.3 18.4% 18.7% -2.0 12.2% 12.5% -0.6 18.4% 18.9% 0.3 20.8% 21.0% 2.2 20.5% 21.2% 0.6 16.6% 17.3% 5.3 2.9% 2.9% 0.3 27.0% 28.0% -3.8 23.0% 23.0% -2.4 2.8% 2.8% -1.3 0.0% 0.0% 0.0 15.8% 15.8% -1.8 16.0% 16.4% -0.1 N/A N/A 0.0 Overall

$80.35 $60.69 $66.90 $45.11 $50.82 $38.57 $32.91 $41.94 $53.74 $68.36 $33.06 $55.53 $52.50 $74.02 $51.25 $65.61 $72.97 $49.62 $54.01 $40.67 $46.97 $57.34 $81.17 $33.38 $68.50 N/A

$80.35 4.8% 285,157 -74.3% 1,782 -113,399 $60.59 17.9% 419,704 -15.7% 59,213 130,688 $66.80 17.9% 704,861 -56.2% 60,995 17,289 $50.92 3.8% 469,487 -16.5% -2,224 -39,537 $38.56 2.7% 636,501 -13.4% -52,368 -61,040 $32.91 -11.9% 8,230 -69.1% 350 14,966 $41.86 6.3% 95,730 -37.6% -21,936 -37,095 $52.79 4.3% 49,433 -69.4% -7,899 -5,318 $68.12 -7.1% 227,527 -19.4% 14,977 147,248 $45.11 2.9% 1,699,314 -27.5% (34,819) 72,213

0 638,355 0 127,800 0 766,155

Downtown Miami CBD

46,678 904,654

Miami Non-CBD Coral Gables Airport West Coral Way South Dade Northeast Dade

0 0 0 0

0 0 0 0

6

397,940

7,286

0

32 2,734,008 287,821 5,853

19 1,703,950

77,277 4,500

0 113,650

Biscayne

20 2,221,174 422,784 14,052 27 1,415,144 208,244 2,848

46,678 681,004

0 0 0

-390

0 0 0

$33.07 5.0% 70,594 29.6% -5,159

Miami Lakes Coconut Grove

13 1,229,870

48,983 18,977

0 0 0

$55.53 2.6% 83,705 -47.7% 33,056 26,268

8,837

$52.50 3.6% 21,226 -5.4% 4,795

326,238

South Gables/South Miami

6

$74.02 -0.9% 36,881 -80.1% 1,589 18,274 $51.20 7.4% 2,404,175 -39.2% 26,176 89,502

0 110,000

Miami Beach Overall Totals

16 1,394,115 191,178

291 39,428,320 5,782,215 126,076

46,678 1,670,809

YTD

YTD

Y-o-Y Direct

Overall

Y-o-Y

YTD

Y-o-Y Quarter

Direct Vacant Space

Sublease

Number

Vacant

Direct

% PT.

Wtd. Avg.

Wtd. Avg.

% Leasing

% Overall Net Overall Net Construction

Under

Buildings Inventory

Space Vacancy Rate Vacancy Rate Change Rental Rates Rental Rates Change Activity

Change Absorption Absorption Completions Construction

CLASS A Brickell Avenue

11 4,011,458 211,136 9,415 7 4,514,273 828,876 13,061 18 8,525,731 1,040,012 22,476 97 13,483,649 2,483,914 61,618 19 3,078,060 641,069 5,749 34 5,535,407 1,135,391 38,517

$102.59 $102.59 21.3% 235,132 -72.4% 6,057 -20,976

0 638,355 0 127,800 0 766,155

Downtown Miami CBD

$65.40 9.3% 370,273 14.3% 49,318 68,153 $72.73 11.0% 605,405 -48.5% 55,375 47,177 $49.54 5.2% 1,073,996 -19.5% -118,357 -54,678 $53.80 2.9% 349,947 -0.1% -3,456 -48,796 $40.67 5.4% 430,176 -12.9% -110,528 -137,529 $46.49 2.3% 38,676 -29.8% -27,075 -45,599 $57.34 -0.6% 9,404 -87.4% 705 -3,376 $81.17 6.6% 153,279 -32.9% 15,064 145,920 N/A 0.0% 0 0.0% 0 0

Miami Non-CBD

46,678 575,654

Coral Gables Airport West Coral Way South Dade

0 0 0 0

0 0 0 0

0 5 9 6 5 2 7

0

0

0

863,687 143,560 5,853

Northeast Dade

983,595

28,900

0

0 113,650

Biscayne

10 1,124,147 303,600 11,499

46,678 352,004

Miami Lakes Coconut Grove

386,785 626,917 96,118

88,794 17,826

0 0 0 0

$33.38 6.1% 35,088 180.5% -4,498

9,469

0 0 0

0 0 0

$68.50 0.0% 31,339 81.2% 11,431 11,431

N/A

N/A 0.0%

0 -100.0%

0

0

South Gables/South Miami

0

Miami Beach Class A Totals

788,933 124,774

$78.42 $56.98

$78.42 1.9% 26,087 -72.8%

0 13,802

0 110,000

115 22,009,380 3,523,926 84,094

$56.87 7.4% 1,679,401 -33.0% -62,982 -7,501

46,678 1,341,809